Yes, it is okay to leave it if the policies do not fulfil your needs. In this case, the application will be closed after a period of time.
Take note that if there is medical underwriting, then the underwriters will need to review your case all over again when you submit a fresh application next time.
In any case, I will suggest for you to review your needs and determine why the policies don't suit you, and why you signed them in the first place.
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If you haven't made any payment yet then there's no issue. The policy status will become not-taken up eventually.
However, if you have put the payment on an automatic deduction such as credit card, then you'll need to call in to free-look the policy.